Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Gates County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $139,373 | $265,624 | $242,182 |
| Price Trend (Annual %) | 22.9% | 9.9% | 8.2% |
| Median Gross Rent | $940 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gates County is about 48% lower than in North Carolina. Rent is about 19% lower than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Gates County, up about 22.9% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Gates County rose about 21.2% between 2015 and 2023, from $776 to $940. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Gates County.
Buying the median-priced home in Gates County costs roughly 12.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Gates County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Gates County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $139,373 | $265,624 | $242,182 |
| Median Household Income | $61,510 | $69,937 | $78,145 |
| Price-to-Income Ratio | 2.3 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Gates County rose about 185.4%, while median household income rose about 30.6% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Gates County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.2% | 57.7% | 58.2% |
| Rental Rate | 15.5% | 29.2% | 31.3% |
| Vacancy Rate | 12.3% | 13.0% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Gates County has a homeownership rate of 72.2%, higher than the North Carolina average of 57.7%. Its housing vacancy rate is 12.3%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Gates County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1985 | 1988 | 1978 |
| Median Number of Rooms | 6.0 | 5.6 | 5.5 |
The typical housing unit in Gates County was built around 1985. On average, 2.5 people live in a home with about 6.0 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gates County, North Carolina.
What is the median home price in Gates County, North Carolina?
The median home price in Gates County, North Carolina is $139,373, lower than the North Carolina average of $265,624.
What is the average home price in Gates County, North Carolina?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Gates County, North Carolina?
The median gross rent in Gates County, North Carolina is $940 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Gates County in 2020?
In 2020, the median gross rent in Gates County, North Carolina was $955 per month.
What is the price-to-rent ratio in Gates County, North Carolina?
The price-to-rent ratio in Gates County, North Carolina is about 12.4, meaning it would take roughly 12.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Gates County.
Are home prices or rent rising faster in Gates County, North Carolina?
Both home prices and rent are rising in Gates County, up about 22.9% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gates County, North Carolina?
72.2% of households in Gates County, North Carolina own their home, higher than the North Carolina average of 57.7%.
What is the vacancy rate in Gates County, North Carolina?
The housing vacancy rate in Gates County, North Carolina is 12.3%, lower than the North Carolina average of 13.0%.